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Commission approves prolongation of Finnish support scheme for financial institutions

The European Commission has approved under EC Treaty State aid rules a prolongation of the Finnish support scheme to stabilise financial markets by providing guarantees to eligible financial institutions. The Commission found the measure, initially approved on 13 November 2008, to be in line with its Guidance Communication on State aid to overcome the financial crisis. In particular, the measure as amended is limited in time and scope. The Commission therefore concluded that the measure is an adequate means to remedy a serious disturbance of the Finnish economy and as such in line with Article 87(3)(b) of the EC Treaty.